The global smart elevator market is projected to grow steadily, with significant opportunities across residential, commercial, and institutional construction sectors. The market is expected to reach approximately $77.4 billion by 2030, growing at a compound annual growth rate (CAGR) of 12.7% from 2024 to 2030.
Key factors driving this growth include the expansion of high-rise residential and commercial buildings, increasing demand for energy-efficient elevator systems, and the rising adoption of IoT technologies within elevator solutions. Smart elevators commonly utilize materials such as steel for structural integrity, along with electrical wiring, sensors, and control systems to support intelligent operations.
Pricing for smart elevators varies widely depending on capacity, technological integration—such as IoT connectivity and AI algorithms—and building-specific requirements. Unit prices typically range from $50,000 to over $500,000. Market competition also impacts pricing strategies, with energy efficiency, safety features, and customization options serving as key differentiators.
The commercial segment is expected to maintain the largest market share through 2030, driven by growth in infrastructure such as retail outlets, shopping malls, warehouses, and healthcare facilities, as well as a broader trend toward high-rise commercial construction. Among system components, the control system segment is anticipated to remain dominant, supported by increasing demand for advanced security, automation, and access control technologies.
Post time: Jul-25-2025